Tamarind South: Fully Occupied, Rents Collected, Yet Foreclosed?

 

 Despite the building becoming fully occupied and generating rental income investors not only failed to receive this monthly passive income they were promised but also lost their entire investment when the property went into foreclosure in January 2024.

 

Now, many are asking the same questions: How could a fully leased building in a prime location, consistently collecting rent for years, fall into foreclosure? Where did the rental income go? And why were there no detailed financial reports or bank account statements provided to investors?

 

These concerns deepened when it was revealed that Pedram Abraham Mehrian—president, chairman, and owner of SLIG, as well as the manager of the entity that owned the project—had appointed his own company, Strategic Legacy Management Corp (SLM) to manage the property: A clear conflict of interest. "Nothing like managing your own mess with zero oversight, the transparency here is so thin you could wear it as a Halloween ghost costume" a SLIG victim said. 

 

After the foreclosure, the new owners, "Plenty of Places," discovered that most of the units were sub-managed by a short-term rentals agency (airbnb), in violation of city regulations that permit short-term rentals only if the host resides in the unit for at least six months per year. In the case of the Tamarind South units, no host was living in any of them. Home-Sharing Requirements 

 

Nevertheless, once the property was foreclosed, suddenly all employees of SLIG, SLM, and their affiliates were dismissed. This raised unresolved questions about the property's management, including whether employee salaries from SLIG and other entities were being paid from Tamarind South rental income and if these funds were being diverted to cover unrelated obligations from Mehrian's other businesses.

 

The success of an investment is influenced by market conditions, but it should not be compromised by the unethical actions of the operator. 

 

Let’s not forget that Pedram Mehrian is now facing five counts of wire fraud from the federal government, plus SEC charges for orchestrating a multimillion-dollar Ponzi-like scheme, and he’s been personally ordered to pay $1.2 million. However, Mehrian maintains that he is an innocent victim caught in the middle of a grand conspiracy.

 

UPCOMING NEWLETTERS

  1. Strategic Legacy Management LLC: Conflict of Interest
  2. DEM Foreclosure: The Fourth-Floor Tenant. Unpaid Rents
  3. Mehrian's New Company: A Tale of Pretense

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